At the end of the year, a company offered to buy 4,610 units of a product from X Company for a special price of $11.00 each instead of the company's regular price. The following information relates to the 61,300 units of the product that X Company has already made and sold to its regular customers:

			Total	Per-Unit
Revenue			$1,164,700	$19.00
Cost of Goods Sold
Variable			410,097	6.69
Fixed			115,244	1.88
Selling and Administrative Costs
Variable			62,526	1.02
Fixed			63,139	1.03
Profit			$513,694	$8.38

The special order product has some unique features that will require additional material costs of $0.72 per unit and the rental of special equipment for $4,000.

5. Profit on the special order would be

Tries 0/3

6. The marketing manager thinks that if X Company accepts the special order, regular customers will be lost, with demand falling by 750 units. This loss in sales will cause firm profits to fall by

Using Python:

1. Compute the difference of differences between consecutive numbers of a series:

input 
ser = pd.Series([1, 3, 6, 10, 15, 21, 27, 35])
 
output:
[nan, 2.0, 3.0, 4.0, 5.0, 6.0, 6.0, 8.0]
[nan, nan, 1.0, 1.0, 1.0, 1.0, 0.0, 2.0]

2. Compute the euclidean distance between two series:

Input: 

p = pd.Series([1, 2, 3, 4, 5, 6, 7, 8, 9, 10])
q = pd.Series([10, 9, 8, 7, 6, 5, 4, 3, 2, 1])

Desired Output: 

18.165

1. The tax officials at the Internal revenue Service (IRS) are constantly working toward improving the wording and format of the tax returns. As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline one of the forms into a shorter and simpler form for the 2021 tax season.

2. Upon successful completion of this exercise, the new form, – about half the size of the current version – would replace the previous ones and will be shared with the tax community for the feedback. The new Form uses a “building block” approach, in which the tax return is reduced to a simple form. That form can be supplemented with additional schedules if needed. Taxpayers with straightforward tax situations would only need to file this new form with no additional schedules.

To finalize this exercise, the IRS have developed three new forms, and to determine which, if any, are superior to the current forms, 120 individuals were asked to participate in an experiment. Each of the three new forms and the currently used form were filled out by 30 different people. The amount of time (in minutes) taken by each person to complete the task was recorded. The data collected is attached in the Excel file named: Tax Forms worksheet.

You are expected to analyze the project in two phases:

Phase1:

1. a) Describe the problem background, objective of study and identify the type of scale of measurement for the data

2. b) Use appropriate descriptive statistics to explore and summarize the data for Tax form 2 & 3 and compare their results. Remember to interpret the findings accurately and present them in a clear and coherent way.

3. c) Assuming data for Form 2 is normally distributed, calculate the parentage of people who completed the form between 83.9 and 107.5 minutes (round the descriptive statistics numbers to one decimal)

4. d) If the filling time of all IRS forms is distributed normally with mean of 102 and standard deviation of 8, what is the probability that a randomly selected person could do the tax forms in less than 90 minutes?

e) Referring to problem “d” above, If a randomly selected person is in the top 5 percent of the fastest people who do the tax forms, at least how many minutes should he spent to fill out the form?

"Excel sheet numbers:

Taxpayer Form 1 ------Form 2------- Form 3 ------Form 4

1-------------- 109 ------------115 ----------126 -----------120

2-------------- 98 -------------103 ----------107 -----------108

3 -------------29 --------------27------------ 53------------- 38

4------------ 93 ---------------95 ------------103---------- 109

5------------ 62--------------- 65------------ 67------------- 64

6 -----------103------------- 107----------- 111----------- 128

7------------ 83-------------- 82------------ 101------------ 116

8------------ 122------------ 119----------- 141----------- 143

9 -------------92------------ 101----------- 105------------ 108

10------------ 107--------- 113------------- 127----------- 113

11------------ 103---------- 111------------ 111------------ 108

12------------ 54------------ 64-------------- 67-------------62

13------------ 141---------- 145----------- 142------------160

14------------ 92------------ 94------------- 95-------------102

15 ------------29 -----------32------------- 33---------------62

16----------- 83------------- 83------------ 89-------------- 86

17------------ 34 -----------36 ------------40---------------48

18 ------------83----------- 86------------- 90-------------119

19------------ 157---------- 157----------- 172-----------193

20------------- 99---------- 107------------- 111-----------100

21----------- 118----------- 123------------- 117----------130

22------------ 58----------- 65--------------- 75-------------81

23 ------------66----------- 71---------------- 79------------81

24------------ 60----------- 60--------------- 78------------ 41

25 ------------102---------- 106------------ 100---------- 142

26 -------------128---------- 134------------ 135--------- 142

27---------------87---------- 93------------- 90------------ 77

28--------------126-------- 134----------- 129----------- 154

29----------- -133---------- 130----------- 148----------- 164

30------------ 100----------- 112---------- 107----------- 120

Sachs Brands defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $96,000 at the end of 2018 and the company's actuary projects her salary to be $310,000 at retirement. The actuary's discount rate is 6%.

Required:

2) estimate by the projected benefits approach the amount of Davenport's annual retirement payments earned as of the end of 2018. (I got 60,450 which was correct)

3) What is the company's projected benefit obligation at the end of 2018 with respect to Davenport? (I got 204,082 which was correct)

4) If not estimates are changed in the meantime, what will be the company's projected benefit obligation at the end of 2021 (three years later) with respect to Davenport? I NEED THIS ANSWER

ID   SEX   SMOKE    AGE    PULSE_1  PULSE_2     NAME       ID    SEX   SMOKE   AGE    PULSE_1     PULSE_2     NAME

1        1         1           31          62             126         ALLAN        21 1          1         38            70 122            ARTHUR

2        2          1         20 78              154         MARY 22 1          0        20            80 139             SAMUEL

3        2          1           28       76 146        BILLIE 23      2 1 33   76 148 AMY

4        2          1          29          81             174        LINDA          24      2         0 25 78 148            ANNIE

5        1         1           21          66            128       MICHAEL      25     2          0 37    76 136            JANE

6        2          1           27         96            265        CATHY          26     2          0 22 80 158            BETH

7        1          0          21           68             120        HARVEY       27     1          0     32   68   116            CHRIS

8        2         1          42           74             149       JENEE            28      1          0     22 70 120            FRANCIS

9        2          1          22          88            160       JEAN               29      1         1      22    68 126             ERNIE

10      1         1          28          90             144       FREEDY         30     1          1        19          70 144           BERTRAM

11      2          0          21          82            140       PAT                 31      2        0        21          86 144            NANCY

12      2          1         22           79            156       MARKIE         32     1         0       26         72 126            BRUCE

13      2         1          43           66           148        SUSAN           33      2        0      32   84 136             MARGE

14      2         0          19           68            142     DENISE           34      2        0        24        72 142             BARBARA

15      1         1          23           92           134       JOHN              35      2       0 28         80 138              JENNY

16      1         0          41          68           112      DAVID 36      1        1 34      62 132              WILLIAM

17      1         0          24          76           158      ROBERT           37      1        0        35            74    164            KYLE

18      2         0          21          86           146      ALLISON          38       1       1       21 90     138           BEN

19      2         1          21           88           156      JILL                 39      1       0       21 66 142           GREG

20      1         1         20            66         132       JACKSON        40       1      0        30 70 132           RICHARD

1. Read the data into R or R-studio and report the summary of the data for all variables. R command to get the summary followed by output without the change of format should be pasted in your document.

1) The account title used for recording the payment of rent in advance for an office building is ________.

A) Prepaid Rent

B) Rent Payable

C) Rent Revenue

D) Rent Expense

  

2) Which of the following is an asset account?

A) Wages Payable

B) Notes Payable

C) Unearned Revenue

D) Accounts Receivable

  

3) A customer's promise to pay in the future for services or goods sold is called a(n) ________.

A) Accounts Receivable

B) Accounts Payable

C) Unearned Revenue

D) Notes Payable

  

4) Which of the following is classified as an asset account?

A) Prepaid Insurance

B) Notes Payable

C) Dividends

D) Unearned Revenue

  

5) ________ represents a debt owed for renting a building.

A) Prepaid Rent

B) Rent Payable

C) Rent Revenue

D) Rent Expense

  

6) Which of the following is a liability account?

A) Prepaid Advertising

B) Cash

C) Building

D) Unearned Rent

  

7) Which of the following is a liability account?

A) Accounts Payable

B) Prepaid Expense

C) Salaries Expense

D) Service Revenue

  

8) A liability created when a business receives cash from customers in advance of providing services or delivering goods is called a(n) ________.

A) notes receivable

B) unearned revenue

C) accrued liability

D) service revenue

  

9) Which of the following is a liability account?

A) Service Revenue

B) Building

C) Prepaid Rent

D) Unearned Revenue

  

  

10) Explain the difference between Accounts Receivable and Accounts Payable.

Answer:   

  

  

  

  

  

  

  

  

11) Saturn, Inc. paid the rent for the current month in cash. Which of the following accounts will be used to record the transaction?

A) Prepaid Rent

B) Rent Payable

C) Rent Revenue

D) Rent Expense

  

12) Amounts earned from delivering goods or services to customers are called ________.

A) notes receivable

B) unearned revenues

C) equity

D) revenues

  

13) Which of the following is provided in a typical chart of accounts?

A) Account balance

B) Account number

C) Dates of transactions

D) Transaction amounts

  

14) A listing of all accounts in numerical order is called a(n) ________.

A) Ledger

B) Journal

C) Income statement

D) Chart of accounts

  

15) Both the chart of accounts and the ledger ________.

A) provide the balance of each account at a specific point in time

B) list the account names and numbers of the business

C) fulfill the task of showing all of the increases and decreases in each account

D) All of the statements are correct.

  

16) Regarding T-accounts, which of the following statements is correct?

A) A T-account is a more detailed form of an account in the journal.

B) The right side of a T-account is a debit for asset accounts and a credit for equity accounts.

C) Debits are posted on the right side of the vertical line.

D) A T-account is a summary device with credits posted on the right side of the vertical line.

  

17) Which of the following accounts decreases with a debit?

A) Accounts Receivable

B) Notes Payable

C) Cash

D) Rent Expense

  

18) "All debits are increases and all credits are decreases." Is this a correct statement? Explain your answer.

Answer:   

  

  

  

  

19) Which of the following accounts decreases with a credit?

A) Cash

B) Common Stock

C) Accounts Payable

D) Unearned Revenue

  

20) Which of the following accounts increases with a debit?

A) Prepaid Rent

B) Interest Payable

C) Accounts Payable

D) Common Stock

  

21) Which one of the following account groups will decrease with a debit?

A) assets and expenses

B) revenues and expenses

C) liabilities and revenues

D) assets and liabilities

  

22) Which of the following statements is true of expenses?

A) Expenses increase equity, so an expense account's normal balance is a credit balance.

B) Expenses decrease equity, so an expense account's normal balance is a credit balance.

C) Expenses increase equity, so an expense account's normal balance is a debit balance.

D) Expenses decrease equity, so an expense account's normal balance is a debit balance.

  

23) Which one of the following account groups normally has a credit balance?

A) assets and liabilities

B) equity and assets

C) liabilities and revenues

D) assets and expenses

  

24) Which one of the following account groups normally has a debit balance?

A) assets and expenses

B) revenues and expenses

C) liabilities and revenues

D) assets and liabilities

  

25) Accounts Receivable is a(n) ________ account and has a normal ________ balance.

A) liability; debit

B) asset; debit

C) liability; credit

D) asset; credit

  

26) Accounts Payable is a(n) ________ account and has a normal ________ balance.

A) liability; debit

B) asset; debit

C) liability; credit

D) asset; credit

  

27) Prepaid Rent is a(n) ________ account and has a normal ________ balance.

A) asset; debit

B) liability; credit  

C) liability; debit

D) asset; credit

  

28) For Office Supplies, the category of account and its normal balance is ________.

A) liabilities and a debit balance

B) assets and a debit balance

C) liabilities and a credit balance

D) assets and a credit balance

  

29) The Salaries Payable account is a(n) ________.

A) liability account with a normal debit balance

B) asset account with a normal debit balance

C) liability account with a normal credit balance

D) asset account with a normal credit balance

  

30) For expenses, the category of account and its normal balance is ________.

A) equity and a credit balance

B) assets and a debit balance

C) assets and a credit balance

D) equity and a debit balance

  

31) The Accounts Receivable account of Brownstone, Inc. has the following postings:

Accounts Receivable

23,000	3,000
2,000

  

  

Calculate the ending balance of the account.

A) $28,000 debit

B) $25,000 debit

C) $3,000 credit

D) $22,000 debit

  

32) The Accounts Payable account of Waterford, Inc. has the following postings:

Accounts Receivable

17,000	27,000
8,000	12,000

Calculate the ending balance of the account.

A) $12,000 credit

B) $14,000 debit

C) $14,000 credit

D) $8,000 debit

  

33) A business purchases $3,500 of office supplies for cash. Which of the following sets of ledger accounts reflects the posting of this transaction?

A)  

Office Supplies

3,500

Accounts Payable

3,500

B)  

Office Supplies

3,500

Cash

3,500

C)  

Office Supplies

3,500

Accounts Payable

3,500

  

D)  

Office Supplies

3,500

Cash

3,500

  

34) When is a trial balance usually prepared?

A) after each entry is journalized

B) before the financial statements are prepared

C) after the financial statements are prepared

D) at the beginning of an accounting period

please answer a,b,c,d..some quetions have more than 1 answer

103)Which of the following items would not appear in an income statement? A)Cash. B)Service revenue. C)Salaries expense. D)Advertising expense.

108)ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage policy was $12,000 for a two-year term. What was the balance in ABC's Prepaid Insurance account as of December 31, 2018? A)$48,000. B)$30,000. C)$18,000. D)$9,000.

109)For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a liability. A) True B) False

140)Which of the following is not a possible journal entry? A)Debit assets; Debit stockholders' equity. B)Credit revenues; Debit assets. C)Debit expenses; Credit liabilities. D)Credit assets; Debit expenses.

141)For a journal entry with only two lines, the following entry is valid: Increase in one Liability, Increase in a second second liability. A) True B) False

142)Consider the following transactions: Issued common stock for cash. Purchased equipment by signing a note payable. Paid rent for the current month. Collected cash from customers on account. How many of these four transactions increased the given company's total assets? A)One. B)Four. C)Two. D)Three.

143)For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a Owners' Equity. A) True B) False

144)For which of the following must Debits equal Credits (This question may have multiple answers) A)Transaction Entries B)Closing Entries C)Adjusting Entries

145)For a journal entry with only two lines, the following entry is valid: Increase in a Liability, Increase in Revenue. A) False B) True

146)For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Revenue. A) False B) True

147)When writing formal journal entries A)There is no required ordering of Debits and Credits B)Credits are on top, Debits are on the bottom C)Debits are on top, Credits are on the bottom

148)Which of the following accounts would normally have a debit balance? A)Accounts Payable, Service Revenue, Common Stock. B)Income Tax Payable, Service Revenue, Dividends. C)Salaries Payable, Deferred Revenue, Utilities Expense. D)Cash, Delivery expense, Dividends.
20

149)Assume that cash is paid for rent to cover the next year. The appropriate debit and credit are: A)Debit Rent Expense, credit Cash. B)Debit Prepaid Rent, credit Rent Expense. C)Debit Cash, credit Prepaid Rent. D)Debit Prepaid Rent, credit Cash.

150)On January 1, ABC started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During the year, the company reported net income of $92,000, paid a dividend of $15,200, and issued more common stock for $27,500. What is total stockholders' equity at the end of the year? A)$1,201,300. B)$1,588,300. C)$1,097,000. D)$1,231,700.

151)For a journal entry with only two lines, the following entry is valid: Increase in an asset, Decrease in a liability. A) True B) False

152)Which of the following has the single greatest impact on stock prices? A)Total dividends. B)Net income. C)Total revenues. D)Total assets.

153)At the beginning of December, ABC had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry? A)Debit Supplies $4,200, credit Supplies Expense $4,200. B)Debit Cash $800, credit Supplies $800. C)Debit Supplies Expense $4,200, credit Supplies $4,200. D)Debit Cash $4,200, credit Supplies $4,200.

154)Receiving a utility bill for costs in the current period but delaying payment until the following period is an example of a(n): A)Deferred revenue. B)Prepaid expense. C)Accrued revenue. D)Accrued expense.

161)Separation of duties occurs when two or more people act in coordination to circumvent internal controls. A) False B) True

162)The Trueblood Criterion is used by A)Managers when reporting to the public B)Internal Management reports (Managerial Accounting) C)Accountants D)Managers when reporting to the IRS

163)The ending Retained Earnings balance of ABC decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income for the year? A)$6.4 million. B)$4.4 million. C)$7.5 million. D)$1.0 million.

169)After the 1st step in the Operating Cycle, the firm has? A)Inventory B)Receivable C)Cash

171)The second step in the Operating Cycle is called? A)Purchase B)Collection C)Manufacture D)Sale

173)If a company records cash received for services to be provided in the future with a debit to Cash and a credit to Service Revenue, how will this error affect total assets for the current period? A)Not possible to determine. B)Total assets will be correct. C)Total assets will be too low. D)Total assets will be too high.

175)Following are transactions of ABC, a new company, during the month of January: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account. 6. Paid employees $10,000 for their first month's salaries.
How many of these transactions decreased ABC's total assets? A)Four. B)One. C)Two. D)Three.

177)Prior to year-end adjusting entries, what would explain the Allowance for Uncollectible Accounts having a debit balance? A)The amount of cash collections from customers in the current year was less the amount of cash collections from customers in the prior year. B)The amount of credit sales in the current year was greater than the amount of credit sales made in the prior year. C)The amount of actual uncollectible accounts in the current year was greater than the estimate of uncollectible accounts made at the end of the prior year. D)The amount of actual uncollectible accounts in the current year was less than the estimate of uncollectible accounts made at the end of the prior year.

Esperado Furnishings are retailers who purchase and sell household furnishings, including table
lamps. The business uses a perpetual inventory system and adjusts cost of goods sold for any
shortage or excess inventory. The business began the last quarter of 2018 with merchandise
inventory of 10 pairs of “Italia” table lamps at a total cost of $168,200.
The following transactions, relating to the “Italia” brand were completed during the quarter:
October 5 Purchased 15 pairs of lamps at a cost of $17,020 per pair.
October 14 Sold 18 pairs of lamps to Muller Furnishings at $22,250 per pair
October 22 Purchased 24 pairs at a cost of $18,175 per pair but the supplier gave a 4% quantity
discount.
November 10 Sold 15 pairs of lamps to Orion Household Ltd and 10 pairs to Brown’s Furnishings
which yielded total sales revenue of $589,750.
November 12 Owing to an increased demand for this product, 30 pairs of lamps were purchased
on account at a cost of $17,612 per pair. In addition, Esperado paid $288 in
cash on each pair of lamps to have the inventory shipped from the vendor’s
warehouse to Esperado’s showroom.
November 27 Sold 23 pairs of lamps to Middletown Company at a price of $25,080 per pair.
November 30 An actual count of inventory was carried out which revealed that there were 15
pairs of the “Italia” brand in the warehouse.
December 2 In preparation for the festive season, Esperado purchased 25 pairs of lamps at a
total cost of $474,500.
December 15 5 pairs of the lamps purchased on December 2 were returned to the supplier, as
they were not of the brand ordered.
December 30 Sold 22 pairs of lamps to two customers (Omega Traders & Middleton
Furnishings) at a selling price of $26,550 per pair.
All purchases were on account and received on the dates stated.
Required:
i) Prepare a perpetual inventory record for Esperado Furnishings, using the first in, first
out (FIFO) method to determine the value of ending inventory at December 31, 2018, and the
total amount to be assigned to cost of goods sold for the period.
ii) Given that selling, distribution and administrative costs for the quarter were $23,445, $10,250
and$75,435 respectively, prepare an income statement for Esperado Furnishings for the
period, to determine the net profit for the quarter, assuming the perpetual inventory
system.
iii) You are told that 8 pairs of lamps sold on November 27, 2018 were on account. State the
journal entries necessary to record the transactions on November 12 and November 27,
assuming the business uses a: - Perpetual inventory system
- Periodic inventory system
iv) Assuming that Esperado sold 86 pairs of “Italia” brand of lamps during the quarter; determine
the value of ending inventory and cost of goods sold assuming the business used the periodic
system and the LIFO method?

Esperado Furnishings are retailers who purchase and sell household furnishings, including table lamps. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. The business began the last quarter of 2018 with merchandise inventory of 10 pairs of “Italia” table lamps at a total cost of $168,200.

The following transactions, relating to the “Italia” brand were completed during the quarter:

October 5	Purchased 15 pairs of lamps at a cost of $17,020 per pair
October 14	Sold 18 pairs of lamps to Muller Furnishings at $22,250 per pair
October 22	Purchased 24 pairs at a cost of $18,175 per pair but the supplier gave a 4% quantity discount.
November 10	Sold 15 pairs of lamps to Orion Household Ltd and 10 pairs to Brown’s Furnishings which yielded total sales revenue of $589,750.
November 12	Owing to an increased demand for this product, 30 pairs of lamps were purchased on account at a cost of $17,612 per pair. In addition, Esperado paid $288 in cash on each pair of lamps to have the inventory shipped from the vendor’s warehouse to Esperado’s showroom.
November 27	Sold 23 pairs of lamps to Middletown Company at a price of $25,080 per pair.
November 30	An actual count of inventory was carried out which revealed that there were 15 pairs of the “Italia” brand in the warehouse.
December 2	In preparation for the festive season, Esperado purchased 25 pairs of lamps at a total cost of $474,500.
December 15	5 pairs of the lamps purchased on December 2 were returned to the supplier, as they were not of the brand ordered.
December 30	Sold 22 pairs of lamps to two customers (Omega Traders & Middleton Furnishings) at a selling price of $26,550 per pair.

All purchases were on account and received on the dates stated. Required:

1. Prepare a perpetual inventory record for Esperado Furnishings, using the first in, first out (FIFO) method to determine the value of ending inventory at December 31, 2018, and the total amount to be assigned to cost of goods sold for the period.

2. Given that selling, distribution and administrative costs for the quarter were $23,445, $10,250 and$75,435 respectively, prepare an income statement for Esperado Furnishings for the period, to determine the net profit for the quarter, assuming the perpetual inventory system.

3. You are told that 8 pairs of lamps sold on November 27, 2018 were on account. State the journal entries necessary to record the transactions on November 12 and November 27, assuming the business uses a:

- Perpetual inventory system

- Periodic inventory system

4. Assuming that Esperado sold 86 pairs of “Italia” brand of lamps during the quarter; determine the value of ending inventory and cost of goods sold assuming the business used the periodic system and the LIFO method?